US and Canada Consult On Regulatory CooperationThe Canadian and US Governments 'are working together to increase trade and prosperity,' Ed Fast has said.
Fast, Canada's International Trade Minister, has announced that the two Governments are seeking public comment on future regulatory cooperation. According to Fast: 'Finding new ways to align our regulatory systems will lead to more jobs, growth and prosperity in both countries.'
Bilateral trade totaled CAD742.5bn (USD70.4bn) in 2012. More than CAD2bn worth of goods and services crossed the border every day.
A Regulatory Cooperation Council (RCC) was set up in February 2011, charged with better aligning Canadian and US regulatory systems to the benefit of producers, manufacturers and consumers. Fast's Department claims that significant progress has been made toward reducing barriers to trade and moving goods across the border, resulting in fewer delays and less paperwork.
'Given the integrated nature of our economies, greater regulatory cooperation will create more efficient supply chains, increase trade and investment, and generate new export opportunities. We now have an excellent opportunity for businesses, consumers and other stakeholders to provide ideas for the next phase of alignment.'
'We are seeking views on how to expand and reinforce regulatory cooperation, on possible regulatory initiatives to be included in future work, as well as suggestions on how best to engage stakeholders as work progresses,' Fast said.
The consultation remains open until October 11.
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